By Anil Mathews

ScrapMonster Author

SEOUL (Scrap Monster): The latest trade data released by the Korean Customs Department indicates marginal rise in steel scrap imports by the country during 2016. The imports totaled around 5.8 million tons, marginally higher by 1.7% from the previous year. The country’s scrap imports recorded year-on-year increase for the first time in four years.

The monthly scrap imports surged higher significantly in December 2016. The imports totaled 510,000 tons during the month, considerably higher by over 30% when matched with the same month a year before. The imports were up by 10.3% over the previous month. The South Korean scrap imports had totaled 464,000 tons during November 2016.

The largest supplier of scrap to South Korea was Japan. The imports from Japan registered 42% jump year-on-year during the month to total 357,000 tons. Imports from Japan accounted for 70% of the total imports by South Korea during December last year. The imports from Russia skyrocketed by 177% upon comparison with the same month in 2015. The imports from the country totaled 102,000 tons, representing 20% of total South Korean imports during the month.

Scrap Imports-Nov ‘16

According to Korean Customs Department data, the country imported 464,000 tons of scrap in November, 20% higher when compared with the imports during the same month a year before. The country’s scrap imports totaled 387,000 tons in November last year. When compared with the imports of 513,000 tons during October 2016, the imports during Nov ’16 declined sharply by 9.8%.

The largest exporter of scrap to Korea during the month was Japan. The imports from Japan totaled 240,000 tons, accounting for nearly 52% of the total imports by Korea during the month. The imports from Japan surged higher by 24.1% when compared with the same month a year before. Japan’s scrap exports to South Korea totaled 193,000 tons in November 2015. The second largest exporter of scrap to Korea was the US. The imports from the US surged higher significantly by 48% year-on-year to total 99,000 tons.

Scrap Imports-Oct ‘16

The scrap import volumes by the country increased considerably during the month of October last year. However, the imports declined when matched with the previous month. The scrap imports by South Korea had registered marginal decline during the month prior to this.

During October 2016, Korea imported 464,000 tons of scrap, 20% higher when compared with the imports during the same month a year before. The country’s scrap imports had totaled 387,000 tons in October 2015. When compared with the imports of 513,000 tons during September 2016, the imports during Oct ’16 reported 9.8% decline.

The largest exporter of scrap to Korea during the month was Japan. The imports from Japan totaled 240,000 tons, accounting for nearly 52% of the total imports by Korea during the month. The imports from Japan surged higher by 24.1% when compared with the same month a year before. Japan’s scrap exports to South Korea had totaled 193,000 tons in October 2015. The second largest exporter of scrap to Korea was the US. The imports from the US surged higher significantly by 48% year-on-year to total 99,000 tons.